Chancellor Philip Hammond set to deliver Budget 2017 on 8 March. The last fiscal event of springtime is scheduled to take place in March which also happens to be the Chancellor’s first Budget ever since he replaced George Osborne in July 2016. From next year onward, the Budget will held in the autumn.
According to the government, the thinking behind this decision is to bring more certainty and stability and less frequent changes to the tax system, thereby saving businesses and people from falling into a state of frenzy – to an extent.
Remember Making Tax Digital?
An ambitious project of HMRC, the aim of Making Tax Digital (MTD) is to produce a transformed tax system and the end of the tax return by 2020. This means for many limited companies, this will mark the end of the annual tax return – specifically from 2018. The PSCs and other self-employed people will be required to report quarterly to HMRC under the new MTD rules.
IT sector the second biggest recipient of penalties for filing late
The self-assessment deadline is almost here, but perhaps we need to jog the memory of IT contractors, who happen to be the second biggest recipient of penalties for filing late – oh, crikey! According to the industries data released by HMRC ahead of the 31 January deadline, the government body noticed huge reductions in the number of tax returns being sent in last year.
The penalty for late tax returns is £100. So if you don’t want to spend your hard-earned money in covering penalties, we request you to get your taxes sorted out at the earliest. Please call us on 020 3507 0087 or email us on firstname.lastname@example.org, and a member of our staff will get in touch with you shortly.